The National Bank of Ukraine has amended a number of regulatory legal acts related to the registration and operation of insurance market participants in order to implement new requirements stipulated by the Laws of Ukraine “On Financial Services and Financial Companies” and “On Insurance”. The said amendments will come into force on January 1, 2024. This was reported by the press service of the National Bank of Ukraine.
The updated legislative acts aim to improve the regulation of the non-banking financial services market in line with European Union standards in order to increase its resilience. Key changes include the introduction of risk-based supervision, strengthening consumer protection, and establishing clear requirements for corporate governance and internal control.
The provisions on the characteristics and classification features of insurance classes, as well as other regulatory documents related to the insurance sector, have been approved by the National Bank of Ukraine. They provide for the transition from types of insurance to classes and establish the procedure for reissuing existing licenses of insurers, as well as determine the requirements for concluding and performing insurance contracts depending on the group of insurance classes.
The updated regulations define qualification requirements for professionals and establish new deadlines for registration and compliance, taking into account transition periods for insurance companies.
